Relative advantage maximisation as a model of context dependence for binary choice data

In recent years we have seen a burgeoning literature, within a discrete choice modelling setting, focussing on capturing increased behavioural realism in decision making through the use of alternative specifications of the utility function. One notable example is the increasing popularity of the random regret minimisation (RRM) model, in which respondents are assumed to choose the alternative that minimises the negative emotions associated with decision making.